Vexed Bermoothes

Bermudians are looking for reasons why the Bermuda Government is so horny to perform its hostile takeover of Bermuda’s municipal corporations.

Well here’s a candidate.

The Auditor General’s scary graph shows the rapid growth in Bermuda’s Accumulated Deficit over the past 6 years.

“The Accumulated Deficit represents the difference between the Consolidated Fund’s total liabilities (what it owes) and its total assets (what it owns). At March 31, 2009, the accumulated deficit stood at $719.9 million, up $102.4 million from March 31, 2008.”

Well, the assets of the municipal corporations are said to be worth in excess of $500,000,000.

A hostile takeover probably would not render an improvement in efficiency or in democracy.  But it would erase a big chunk of that outrageous Accumulated Deficit, at least on paper.

That would be a tricky piece of financial prestidigitation.  But then they’d probably screw that up as well.